IPO 不是对胜者的奖赏，而是下一轮竞赛的鼓点。 文 丨 程曼祺 编辑 丨 宋玮 接连两天，大模型创业公司智谱和 MiniMax 港股 IPO。对比移动互联网的几次上市盛宴，大模型领域的 IPO 并不发生在大战告一段落之后。它不是对胜者的奖赏，而是下一轮竞赛的鼓点。 在智谱和 MiniMax 前后脚登陆二级市场后，他们将开启更大规模的定增。这是一个商业化仍不确定、 持续的研发投入却十分确定的领域。 IPO 的实质意义是更高效地获得更多资源。 MiniMax 上市前夕，我们采访了 MiniMax 团队和他们的多位投资人，共同还原过去 3 年多里，市场对 大模型创业机会的多种视角，以及这家公司的特质。 上市前的 7 轮融资中，30 家机构共投资 MiniMax 15 亿美元。阿里投了最多的钱；高瓴是第一轮领投 方，按份额计算仅次于阿里，是第二大外部股东；明势参与了最多轮次。 在今天（1 月 9 日）早上前往港交所敲钟前，MiniMax 创始人闫俊杰对《晚点 LatePost》分享了他此刻 的想法： 希望我们后续能有机会对整个行业智能水平的提升做出更大的贡献。我们初步探索了一条纯草根 AI 创业的路径，尽管后面还是 ...

Core Viewpoint - MiniMax, an AI model unicorn, successfully went public on the Hong Kong Stock Exchange, achieving a market capitalization of over HKD 800 billion and raising approximately HKD 55.4 billion, reflecting strong investor interest and a significant growth trajectory in the AI sector [3][4]. Group 1: Company Overview - MiniMax was founded by Yan Junjie, a former vice president at SenseTime, and has developed popular AI applications such as Glow, Talkie, and Hai Luo AI, serving over 2.12 million users and 100,000+ enterprise clients globally [5][6]. - The company has achieved remarkable growth, with its valuation skyrocketing from USD 170 million at the angel round to USD 4.2 billion before its IPO, demonstrating a rapid ascent in the competitive AI landscape [6][21]. Group 2: IPO and Market Reception - The IPO was met with overwhelming demand, with a subscription rate of 1837 times for the public offering, setting a record for tech IPOs on the Hong Kong Stock Exchange [4]. - Institutional participation was robust, with over 460 institutions involved, indicating a strong belief in MiniMax's business model and growth potential [4]. Group 3: Business Model and Revenue Streams - MiniMax operates a dual business model, with 70% of its revenue coming from consumer (C-end) products and 30% from enterprise (B-end) services, reflecting a balanced approach to market engagement [30]. - The company has successfully monetized its C-end products, with Talkie and Hai Luo AI generating significant revenue, contributing to a total revenue increase of 175% year-on-year in the first three quarters of 2025 [33][30]. Group 4: Financial Performance - MiniMax reported a revenue of USD 53.4 million in the first three quarters of 2025, with a gross margin improvement from -23% in 2023 to 23% in 2025, showcasing operational efficiency and effective cost management [45][46]. - The company has accumulated cash and investments totaling USD 1.1 billion, providing a strong financial foundation for future growth and innovation [45]. Group 5: Competitive Landscape - MiniMax is positioned in a competitive environment against major players like ByteDance and Tencent, focusing on global market expansion and innovative product offerings to differentiate itself [53]. - The company has established a diverse customer base, reducing reliance on a few large clients, which enhances its revenue stability and risk resilience [49].

Core Insights - MiniMax aims to contribute significantly to the improvement of AI in the industry, focusing on grassroots AI entrepreneurship despite challenges ahead [3][4] - The company has set ambitious goals for 2024 and 2025, including achieving technical capabilities comparable to GPT-4 and increasing user scale tenfold [4][36] - MiniMax emphasizes the importance of creating AI products that serve ordinary people, rather than focusing solely on large clients [5][9] Group 1: Company Vision and Strategy - MiniMax's vision is to create AI that is accessible to everyone, encapsulated in the phrase "Intelligence with everyone" [5][51] - The company believes that AGI should be a product used daily by ordinary people, rather than a powerful tool for a select few [9][51] - MiniMax's approach involves a dual focus on both technology and product development from the outset, contrary to the belief that startups should prioritize one over the other [14][15] Group 2: Technical Development and Challenges - The company has adopted a mixed expert (MoE) model for its large-scale AI, which is seen as a gamble compared to the more stable dense models used by competitors [10][20] - MiniMax faced significant challenges during the development of its MoE model, including multiple failures and the need for iterative learning [11][19] - The company recognizes that improving model performance is crucial and that many advancements come from the model itself rather than product features [19][34] Group 3: Market Position and Competition - MiniMax believes that the AI industry will see multiple companies capable of producing models similar to GPT-4, indicating a competitive landscape [41][37] - The company asserts that relying solely on funding for growth is not sustainable and emphasizes the importance of serving users and generating revenue [37][38] - MiniMax aims to differentiate itself by focusing on technical innovation and product development rather than merely increasing user numbers [57] Group 4: Future Outlook and Industry Trends - The company anticipates that the AI landscape will evolve rapidly, with significant advancements in model capabilities and user engagement [41][56] - MiniMax acknowledges the importance of open-sourcing technology to accelerate innovation and improve its technical brand [54][56] - The company is committed to continuous improvement in both technology and user experience, aiming to adapt to changing market demands [28][36]

Core Viewpoint - The article discusses the recent surge in the AI industry in China, particularly focusing on the IPOs of domestic AI companies like Zhiyuan and MiniMax, highlighting their financial challenges and market positioning [2][3][4]. Group 1: Financial Pressure of Large Models - Zhiyuan and MiniMax are facing significant financial pressures, with high operational costs and low revenue generation, leading to substantial losses [6][7]. - Zhiyuan reported a revenue of 1.9 billion RMB with a loss of 23.51 billion RMB in the first half of 2025, resulting in a loss rate of 1232% [6]. - MiniMax generated approximately 53.4 million USD in revenue with a loss of 512 million USD in the first nine months of 2025, reflecting a loss rate of 958.2% [6]. Group 2: Business Models of Large Models - Zhiyuan primarily targets the B2B market, focusing on providing model-as-a-service (MaaS) solutions, while MiniMax emphasizes a B2C approach with a significant portion of its revenue coming from consumer subscriptions [10][11]. - MiniMax's revenue from consumer products accounts for 71.1%, with subscription services making up 42.1% and advertising around 29.2% [10]. - The two companies have different customer concerns, with Zhiyuan worried about losing large clients and MiniMax focused on user retention and international copyright issues [11]. Group 3: Market Positioning - Zhiyuan is seen as a domestic leader with strong ties to government funding and support, while MiniMax adopts a global strategy from its inception, focusing on international markets [12][13]. - MiniMax's approach to product development is driven by user experience, emphasizing direct customer service and internationalization [15]. - The article notes that the valuation of Chinese AI companies is significantly lower than their international counterparts, indicating a disparity in market perception [21][22]. Group 4: Technological Approaches - Zhiyuan's technology is centered around a general language model (GLM), which serves as the core for its various applications, while MiniMax focuses on a multi-modal approach that integrates text, voice, music, and video generation [16][19]. - Zhiyuan's strategy involves enhancing its GLM capabilities to meet the specific needs of enterprise clients, while MiniMax prioritizes rapid product iteration and user engagement [20]. - The article highlights that both companies represent different technological paths within the AI landscape, with Zhiyuan focusing on enterprise solutions and MiniMax on consumer engagement [20].

图片由AI生成 2013年，《她》（her）上映，影片讲述了一段人与人工智能相恋的科幻故事。故事结尾，虚拟完美伴 侣"她"的离去，暗示了技术替代与真实情感的复杂性。 12年后，科幻电影里曾经出现的场景开始在现实生活中上演。深夜，你会突然接到AI打来的电话。 在社交平台上，你会看到很多关于AI主动打来电话的帖子。讨论度较高的是，下载使用了星野APP，就 有可能收到AI打来的电话。 星野是MiniMax（稀宇科技）旗下的情感陪伴类产品，面向中国本土市场，它还有同款面向国际市场的 Talkie。 作者在下载体验星野之后，每天晚上十点半之后，都会接到星野主动打来电话。 从社交媒体上的一些反馈来看，在学生群体中，有人在上课期间接到星野打来的电话。 看样子，对于不同的用户群体，星野打来的电话时间有所不同。 AI主动来电，或许不是什么值得大惊小怪的事，只是其背后的公司为了提升用户活跃度、增加用户黏 性，特意设置的一种技术和运营手段。 而值得注意的是，不管是星野，还是其他如猫箱、筑梦岛这类APP，其底层逻辑都是通过语言和剧情， 去突破虚构与现实的次元壁，让用户沉浸于幻想关系，得到情感慰藉和稳定陪伴。 从被动回答问题，到主动提 ...

据悉，今年6月，曾传出MiniMax已向港交所秘密递交上市申请的消息。如今，MiniMax正在加快上市脚步，试图突破这道门槛，打响"中国大模型"第一股 的竞争。 来源：扬帆出海 2025年12月17日，经多家媒体报道，国产AI大模型独角兽MiniMax（上海稀宇极智科技有限公司）已获证监会备案，并通过港交所聆讯，计划于2026年1 月挂牌上市。 MiniMax注册成立于2021年11月，其创始人闫俊杰出生于1989年，曾任职于商汤科技。瞄准通用人工智能（AGI）方向，闫俊杰带领团队创办了 MiniMax，区别于商汤当时聚焦的计算机视觉定制化路线，坚持"模型+产品"双线推进。 在这四年中，MiniMax获得了包括阿里、腾讯、米哈游、红杉中国、IDG资本等知名企业及机构的投资。在今年８月最新发生的一笔公开融资中，其完成 近3.９亿美元的C轮融资，对应投后估值超40亿美元（约合人民币300亿元）。 12月21日，MiniMax发布了港股IPO招股书。2023年、2024年、2025年前9个月收入分别为346.0万美元、3052.3万美元、5343.7万美元。 | | | | 截至12月31日止年度 | | | | ...

Core Insights - MiniMax (Shanghai Xiyu Technology) is poised to become the world's first publicly listed AI company focused on large models, having passed the Hong Kong stock exchange hearing [2][3] - The company was founded in December 2021 and has rapidly grown, with over 200 million individual users and 130,000 enterprise clients across more than 200 countries and regions as of September 2025 [2][9] - Despite not yet being profitable, the company has shown significant revenue growth, with projected revenues of $31 million in 2024, a 7.82-fold increase year-on-year, and $53 million in the first three quarters of 2025, a 1.75-fold increase [2][10] Company Overview - Founded by Yan Junjie, a former vice president of SenseTime, MiniMax has completed seven rounds of financing, raising approximately $1.55 billion, with major investors including Alibaba, Tencent, and Sequoia Capital [3][6] - The company has a current valuation of approximately 30 billion yuan ($4 billion) following its latest funding round [6] - As of September 2025, the company has a cash reserve of about $1.046 billion, indicating efficient capital utilization primarily for research and development [6] Product and Market Position - MiniMax has developed a range of multimodal AI models and applications, including the ABAB series and various AI products, achieving a global presence [7][9] - The company is recognized as one of the few in the world to excel in all modalities (text, voice, video), with its models ranking among the top globally in authoritative evaluations [9] - The company’s products have a significant international market presence, with over 70% of revenue coming from overseas [9] Financial Performance - Revenue figures from 2022 to 2025 show a rapid increase, with losses reported as $73.7 million in 2022, $269 million in 2023, and $465 million in 2024, indicating a trend of increasing operational scale [10] - The company has invested heavily in R&D, with expenditures rising from $10.6 million in 2022 to $180 million in 2025, focusing on cloud service costs related to model training [6][10] - The workforce consists of 385 employees, with 73.77% engaged in R&D, reflecting a strong emphasis on innovation [10]

通用人工智能科技公司MiniMax通过港交所聆讯。 MiniMax（上海稀宇科技）是2021年12月成立的中国大模型初创公司，总部位于上海，专 注于研发文本、语音、视觉多模态融合的通用人工智能技术，推出ABAB系列大模型及Glow、海螺AI等应用产品。 ...

Core Insights - The article discusses the competitive landscape of China's AI industry, focusing on two prominent companies, MiniMax and 月之暗面 (Moonlight), and their founders, 闫俊杰 (Yan Junjie) and 杨植麟 (Yang Zhilin) respectively [5][9][19]. Company Overview - MiniMax and 月之暗面 are positioned as leading players in the Chinese large model startup sector, with both companies having raised significant funding, totaling over 20 billion RMB [7][20]. - Both companies have experienced rapid growth and valuation increases, with MiniMax reaching a valuation of 2 billion USD and 月之暗面 achieving a valuation of 2.34 billion USD [19][20]. Competitive Dynamics - The companies face intense competition from tech giants like ByteDance and Alibaba, which have more resources and established market positions [7][36]. - Despite their successes, both companies struggle with the pressure of maintaining growth and innovation in a capital-intensive environment [21][36]. Strategic Decisions - MiniMax has adopted a "model-first" approach, focusing on enhancing its language model capabilities, while 月之暗面 has concentrated on developing its K2 model, which has shown promising results in various benchmarks [29][28]. - Both companies have shifted their strategies to prioritize core technological advancements over rapid user growth, reflecting lessons learned from previous experiences [28][29]. Funding and Valuation - The influx of capital has amplified the ambitions of both founders, with MiniMax aiming to achieve GPT-4 level technology and expand its user base significantly [22][20]. - Recent funding rounds have seen both companies secure substantial investments, with MiniMax receiving 6 billion USD from Alibaba and 月之暗面 obtaining 3 billion USD from Tencent and other investors [20][26]. Challenges and Future Outlook - The companies are navigating a challenging landscape where competition from larger firms and the need for continuous innovation are paramount [36][38]. - There is a growing concern about the sustainability of their business models in a market where larger competitors can offer similar products for free [36][38].

Core Insights - The article discusses the challenges faced by AI companies in establishing sustainable competitive advantages beyond temporary technological achievements or user growth [2][5][26] Company Overview - MiniMax and 月之暗面 (Moonlight) are two prominent AI startups in China, both experiencing significant attention and investment in the AI landscape [3][4] - MiniMax has been recognized for its high valuation and innovative approaches, while 月之暗面 has gained traction with its K2 model, which claims to outperform existing models like GPT-5 [4][13] Investment Landscape - Both companies have collectively raised over 20 billion RMB in funding, but this amount is insufficient to compete directly with giants like ByteDance and Alibaba [4][14] - The funding environment has shifted, with larger funds retreating and major tech companies becoming competitors rather than investors [25][26] Leadership and Strategy - 闫俊杰 (Yan Junjie) of MiniMax emphasizes a systematic approach to innovation, while 杨植麟 (Yang Zhilin) of 月之暗面 focuses on talent-driven strategies [5][9] - Both founders have faced challenges in aligning their ambitious goals with the realities of the competitive landscape, leading to strategic pivots [14][20] Product Development and Market Response - MiniMax's AI dialogue product Glow unexpectedly gained over 5 million users within four months, shifting the company's focus towards consumer products [12] - 月之暗面 launched its AI assistant Kimi, which saw rapid user growth, indicating a successful pivot towards consumer engagement [12][20] Competitive Challenges - The intense competition from established players like ByteDance has created a challenging environment for both startups, leading to concerns about sustainability and growth [19][25] - The article highlights the difficulty of maintaining a focus on technological advancement while navigating the pressures of user growth and capital demands [16][26] Future Outlook - Both companies are attempting to carve out niches by focusing on specialized functionalities to attract paid subscriptions, but face challenges from free offerings by larger competitors [25][26] - The need for substantial investment in AI development raises questions about the viability of smaller firms in a landscape dominated by well-funded giants [26]